Remain Short NZDUSD (Move Stop to Break-Even)
The NZDUSD pared yesterday’s advance and now looks poised to continue its southern journey as the pair remains capped by the 50-day SMA. Indeed, I am short from 0.7580 and will look to move my stop to break even in order to avoid any unforeseen losses. Looking ahead, U.S. advance retail sales are on tap. A better than expected report could push the NZDUSD lower, which will validate my bearish bias. As technical indicators begin to paint a bearish picture for the pair, currency traders should not rule out additional losses. I will look to add onto my short position on a daily close below 0.75.
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